In a recent property valuation conducted by Denver County Assessor Keith Erffmeyer, the residential property values have risen by about 30% over two years. The results show that each county experienced a double digit increase for detached single family residential property values.
Denver residential property management says that the state law requires assessors to evaluate each property in their county every two years. This is done to establish how much property tax is due for every property. Denver experienced the greatest increase, a total of 29.6% followed by Arapahoe and Broomfield who each garnered a 22% increase. Jefferson county increased by 20%, Adams County at 19% while Douglas County increased by 18%. Elbert County experienced the least increase of only 10%.
Assessors noticed that counties that were greatly affected by the recession experienced higher property value increase. Overall, property values for a lot of counties have increased to pre-recession levels. Joann Groff, the property tax administrator for the state says that property owners should expect an increase when they receive their notices. Groff says that owners are allowed to ask for a reassessment until June 1, 2015 if they feel that the valuation given to them is incorrect